How Does Critical Illness Cover Protect You And Your Family

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

Having a health insurance policy is a must because it protects you and your family from sudden financial emergency arising from health problems. But health insurance is not enough to cover you from critical and life threatening illnesses. It can be taken as a rider along with the health policy or as a separate coverage to get the maximum benefit.

How Does Critical Illness Insurance Protect You?

Critical illness cover is vital because you can never be sure when a major illness can strike. Today's hectic lifestyle leaves you open to so many health problems. You can easily succumb to diabetes stroke or kidney problem. Vital organs of the body can malfunction and lead to severe health complications. In such situations, you will be hospitalized because of a critical illness.

Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.

While you are taking treatment, your family has to manage its other needs. Critical insurance policy will help pay a lump sum as opted for, which can help not just to pay the medical expenses but also run the family. Hence it helps to maintain your family, while you are getting treated, thus bringing down the financial stress of the situation. Same like Health insurance, you do not need to take a medical check, if you are below 45. Also, you can get a tax deduction under section 80 (D). When you make a renewal every year, before the expiry date, you are entitled to no claim bonus if you have not claimed during the current year, which reduces the premium cost. Getting critical cover is not expensive at all. You will find the premium to be very affordable. It gives enormous relief in troubled times by providing financial support to your family when you are hospitalized.

How to get critical illness cover?

It is very easy to get critical illness insurance. Just visit the insurance company's website and fill an online application form with personal details. If you want to know premium cost use the calculator in the site to get a quote. Submit the online form and in a week's time the company will respond with a policy number. Policy documents will be set by post or email.

Filing a claim

In the event of a claim, the illness that you are suffering must fall under the list of critical illnesses that are covered by the insurer. If so, fill a claim form and submit with relevant supporting documents to the company. Insurance claim processing is done quickly to save time in getting money for much needed expenses. There is a 24 hours claim call number that can be used to find out details about the claim process and medical documents that have to be submitted.

Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
Insurance Buying Tips #9: Review your insurance needs on a yearly basis
As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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